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Legal Heir Registration - Income Tax According to the Income Tax Act, 1961, if a deceased person had taxable income in the previous year, the income tax return must be filed by the legal heir. The legal heir has to…

Income Tax Refund Reissue Assessees who have paid a higher tax to the government than their actual tax liability in the previous financial year, are required to file their income tax return (ITR) to claim the income tax refund. The…

Income Computation and Disclosure Standards (ICDS) Income Computation and Disclosure Standards (ICDS) were framed by the Government of India with the objective of inculcating uniformity in accounting policies governing computation of income in accordance with the pertinent tax provisions. ICDS…

ITR-V Acknowledgement - Submission to CPC ITR-V is the acronym for ‘Income Tax Return–Verification’ Form. It is a single page document that is received when an ITR is filed online without using a digital signature. ITR-V is provided by the Income…

Justification Report - TDS Filing Justification report is submitted while processing the statement filed by the deductor during a particular quarter of the financial year. Justification report consists of various defaults or errors identified by the Income Tax Department when…

TDS Certificate TDS or Tax Deduction at Source is one of the important aspects and tax collection methodology under income tax. Any person who is required to deduct tax at source and has deducted TDS, must issue a TDS certificate. TDS…

Income Tax Demand Notice If a taxpayer’s income tax return is in conflict with the assessment made by an Income Tax Officer, the taxpayer will be issued an income tax demand notice. Income tax demand notice is issued if the taxpayer has deposited lesser…

Retrenchment Compensation Retrenchment is the termination of an employee by an employer for reasons other than a punishment meted out by disciplinary action. Employees terminated in such a manner are financially compensated by the employer. This kind of compensation is…

NIL Return Income Tax Nil return filing is mandatory under the Income Tax Act for certain types of taxpayers. By filing a nil return, the taxpayer would declare to the Income Tax Authorities that the taxpayer had no income or…

Important LLP Compliance - Due Date & Penalty An LLP is a form of legal business entity that gives the benefits of limited liability but allows its members the flexibility of organizing their internal structure as a traditional partnership. It…